Emami eyes one more buy in Africa

22 Nov 2010 Evaluate

Emami, maker of the Fair & Handsome and Boroplus cream brands, is in talks to acquire a personal care company in Africa. The deal size and name of the firm could not be ascertained. If it fructifies, this will be the second acquisition for Emami in Africa in the current financial year. In June, it acquired the manufacturing facility of a personal care company in Egypt for Rs 25 crore.

The step-up in acquisition plans follows the company’s approval last month for investing up to Rs 5,000 crore in India and abroad in personal care and healthcare. Debt would have a significant role in the financing. The company’s borrowing limit was being enhanced to Rs 3,000 crore from Rs 1,500 crore for the purpose. It also got board sanction to increase authorized share capital to Rs 20 crore from Rs 16 crore, hinting at possible use of equity, too, to raise money.crackcrack

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